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The information shared is for educational purposes only and does not constitute legal, tax, or financial advice. For specific guidance, consultation with a licensed attorney or CPA is recommended. The content is copyright protected, and redistribution or modification is prohibited without consent. An Operating Agreement is a vital internal document for an LLC that details management and ownership structure, indicating who the members are and their ownership percentages (membership interest). Unlike LLC Formation Documents, it does not need to be submitted to the state but should be kept with business records. The agreement outlines the management structure and tax responsibilities of the LLC.